Aston Martin appoints Mercedes-AMG chief Tobias Moers as CEO

Aston Martin appointed Tobias Moers, who heads the AMG performance arm of Mercedes-Benz, as its new chief executive on Tuesday after the company's share price plunged nearly 94 per cent since going public in 2018.

Mr Moers replaces Andy Palmer, the Nissan veteran who has headed the luxury car maker made famous by James Bond movies since 2014.

Mr Moers, 54, will be appointed to the board of the company as an executive director and will be based at the car maker's headquarters in Gaydon, Warwickshire as of August 1, 2020, Aston Martin said in a regulatory filing to the London Stock Exchange on Tuesday.

The company appointed Keith Stanton, currently vice president and chief manufacturing operations officer, as interim chief operating officer to support the executive chairman, Lawrence Stroll.

"The board has determined that now is the time for new leadership to deliver our plans," Mr Stroll said, adding that Mr Moers is "the right leader for Aston Martin Lagonda".

"Our ambition for the company is significant, clear and only matched by our determination to succeed," he said.

Mr Palmer's forthcoming replacement was leaked to the Financial Times before he became aware of the management shake-up. He confirmed his departure to The National on Monday and said he has no immediate plans.

Mr Palmer joined Aston Martin in 2014, from Japan's Nissan where he was the No 3 executive and worked alongside Carlos Ghosn, who was ousted from the company in 2019 for alleged financial misconduct.

Mr Palmer's mission was to revive Aston Martin, which has been insolvent seven times in its 107 years in existence and turn the company around as part of a seven-year plan that diversifies car models and scale up the business worldwide.

In his nearly six years at the company Mr Palmer renewed the Aston Martin’s core sports car range, with the DB11, Vantage and DBS Superleggera. The former chief executive, who oversaw the Nissan Patrol that is widely popular across Arab markets, also spearheaded Aston Martin's first 4x4 DBX.

However, as the car manufacturer went public on the London Stock Exchange in 2018, its share price did not immediately perform well and has plunged nearly 94 per cent since its listing due to oversupply to dealerships and a slowdown in luxury spending.

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Aston Martin reported a £119 million (Dh532m / $145m) loss in the first three months of 2020, in part because factories and dealers closed due to the coronavirus pandemic.

Covid-19 and the resulting global economic shutdown "had a material impact" on the company's performance in the first three months of the year, Mr Palmer said in a regulatory filing announcing the results.

Mr Moers, who takes the helm of the company in August, has spent more than 25 years in senior roles at the German-based global automotive. He has headed Mercedes-AMG since October 2013 and more than doubled its product portfolio and quadrupled the number of AMG units sold.

In its first quarter disclosure Aston Martin said it can't give a clear view on the full-year outlook due to "the uncertainty surrounding the duration and impact of the Covid-19 pandemic on the global economy". The company said it assumes trading will remain challenging and it will implement measures to take further actions on operating costs and focus on conserving cash.

The US accounts for 30 per cent of Aston Martin’s total sales, followed by the UK. Europe and the Asia-Pacific region, which includes China, are closely behind in third and fourth place, respectively. The Middle East accounts for 10 per cent of the company’s sales.

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Chef Nobu's advice for eating sushi

“One mistake people always make is adding extra wasabi. There is no need for this, because it should already be there between the rice and the fish.
“When eating nigiri, you must dip the fish – not the rice – in soy sauce, otherwise the rice will collapse. Also, don’t use too much soy sauce or it will make you thirsty. For sushi rolls, dip a little of the rice-covered roll lightly in soy sauce and eat in one bite.
“Chopsticks are acceptable, but really, I recommend using your fingers for sushi. Do use chopsticks for sashimi, though.
“The ginger should be eaten separately as a palette cleanser and used to clear the mouth when switching between different pieces of fish.”

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Day 1, Dubai Test: At a glance

Moment of the day Sadeera Samarawickrama set pulses racing with his strokeplay on his introduction to Test cricket. It reached a feverish peak when he stepped down the wicket and launched Yasir Shah, who many regard as the world’s leading spinner, back over his head for six. No matter that he was out soon after: it felt as though the future had arrived.

Stat of the day - 5 The last time Sri Lanka played a Test in Dubai – they won here in 2013 – they had four players in their XI who were known as wicketkeepers. This time they have gone one better. Each of Dinesh Chandimal, Kaushal Silva, Samarawickrama, Kusal Mendis, and Niroshan Dickwella – the nominated gloveman here – can keep wicket.

The verdict Sri Lanka want to make history by becoming the first team to beat Pakistan in a full Test series in the UAE. They could not have made a better start, first by winning the toss, then by scoring freely on an easy-paced pitch. The fact Yasir Shah found some turn on Day 1, too, will have interested their own spin bowlers.

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This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.

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Cyber crime - This includes fraud, impersonation, scams and deepfake technology, tactics that are increasingly targeting infrastructure and exploiting human vulnerabilities.
Cyber terrorism - Social media platforms are used to spread radical ideologies, misinformation and disinformation, often with the aim of disrupting critical infrastructure such as power grids.
Cyber warfare - Shaped by geopolitical tension, hostile actors seek to infiltrate and compromise national infrastructure, using one country’s systems as a springboard to launch attacks on others.

BIGGEST CYBER SECURITY INCIDENTS IN RECENT TIMES

SolarWinds supply chain attack: Came to light in December 2020 but had taken root for several months, compromising major tech companies, governments and its entities

Microsoft Exchange server exploitation: March 2021; attackers used a vulnerability to steal emails

Kaseya attack: July 2021; ransomware hit perpetrated REvil, resulting in severe downtime for more than 1,000 companies

Log4j breach: December 2021; attackers exploited the Java-written code to inflitrate businesses and governments

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